Composite CNG Tanks Market Set for Rapid Growth During 2021-2026

The Composite CNG Tanks Market is segmented by Application Type (Transportation {Cars, Light-duty Vehicles, Buses, and Trucks} and Gas Carrier & Storage), Vessel Type (Type II, Type III, and Type IV), and Region (North America, Europe, Asia-Pacific, and the Rest of the World).

What is the composite tank?

Composite tanks are lighter than their conventional equivalents (metal CNG tanks), resulting in weight savings, increased fuel storage capability, and improved vehicle fuel economy.

Market Dynamics

The demand for natural gas-powered vehicles is burgeoning worldwide. The availability of low-cost natural gas compared to gasoline and diesel is accelerating this push. As a result of that, many vehicle operators and owners are transitioning to CNG-powered vehicles to cut their running costs; driving the demand for composite CNG tanks. Furthermore, the growing environmental awareness and government attention on decreasing carbon emissions are giving additional impetus to the demand for composite CNG tanks.

Key Players

The competitive landscape of composite pressure vessels for CNG vehicles is different than the metal vessels for the same. Composite vessels are a unique category that requires extraordinary technological capabilities along with huge capital investments, a major reason because many metal pressure vessel manufacturers are not into the composite pressure vessel category. The following are the key players in the composite CNG tanks market.

• Hexagon Composites ASA
• Worthington Industries, Inc.
• Iljin composites
• Luxfer Holdings PLC
• Beijing Tianhai Industry Co., Ltd.
• Sinoma Science & Technology Co., Ltd.
• NPROXX B.V.
• Quantum Fuel Systems LLC
• FIBA Technologies, Inc.

Regional Analysis

Asia-Pacific is expected to remain the largest as well as the fastest-growing market for composite CNG tanks during the forecast period. Countries like China, Japan, India, and Korea are the powerhouses of CNG vehicles with very high penetration of type-I vessels; however, over the years, there has been a shift from type-I to composite vessels, especially in China, Japan, and Korea. India is still full of type-I vessels. All the leading composite vessel manufacturers are eyeing these high-growth markets. Also, there has been an emergence of local players with a balanced portfolio of type-I as well as composite vessels.

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Digital Marketing Associate in Stratview Research